Exam 5: Forecasting and Planning

A transition matrix can be used to model the flow internally of human resources.

________ involves looking at past employment patterns and using those patterns to predict a firm's future labor needs.

________ is a quantitative technique that can be used to analyze a firm's internal labor markets and forecast its internal labor supply.

Discuss the different ways in which a firm can deal with temporary employee surpluses.

A firm's internal and external staffing costs were $50,000,and 5 people were hired,each with a starting base salary of $40,000.What would be the firm's staffing efficiency?

The internal labor market is critical in predicting future promotions,turnover rates and demographics of the employee base.

If a company employs two office assistants for every nine architects (a staffing ratio of 2:9)and it plans to expand and hire eighteen new architects,how many new office assistants will it need to hire?

Early retirement programs are a common way of dealing with temporary employee surpluses.

Which of the following is the first step in the typical workforce planning process?

Hiring yield refers to:

After the gaps between the firm's labor supply and labor demand are identified,a firm should:

Which of the following is more likely to warrant changes in an organization's compensation policy and induce it to offer above-market wages?

Identify the primary limitation of all forecasting techniques.

Talent inventories are detailed records or databases that summarize each employee's skills,competencies,education,training,previous performance reviews,and future promotions.

What are talent inventories and replacement charts,and how are they used in forecasting labor supply?

How can competitor forecasts influence a firm's forecast of its own future business activity?

Anna is the manager of human resources at Alcatec Inc.She is comparing the number of employees required over the next six months versus the capabilities of her existing workforce adjusted for attrition.She is trying to identify any gaps between the two.Which step of the workforce planning process is discussed here?

Business process outsourcing is the relocation of an entire business function,such as production,manufacturing,or customer service,to an independent service provider in the same or a different country.

A transition analysis can account for multiple moves.

Which of the following visually shows each of the possible successors for a job and summarizes their strengths,present performance,promotion readiness,and development needs?